I don't care about the money, but want to teach him about debt and payments and why it's a good idea to pay them off quickly.
I loaned my 13 y.o. $121 for bicycle repairs because he was being a dunce and damaged it. I fronted him the cash but don't want him thinking he can just expect me open my wallet every time he does something dumb that costs money to fix.
I thought it might be a fun exercise. The principal is $121 and I'm willing to accept labor in lieu of cash at, say, $7.25/hour. I'd like to set up a real payment plan with interest high enough that it's a little bit painful and keeps the pressure on to pay it back quickly. Even default penalties could be cool.
Any thoughts? Thanks!
Submitted September 15, 2021 at 09:14AM by Cerberus73 https://ift.tt/3nFUp4B
